Parkes Arbour Shopping Centre has been listed for sale, presenting investors the opportunity to acquire a Coles anchored neighbourhood shopping centre with multiple value add strategies.
JLL’s Sebastian Fahey, Dylan McEvoy, David Mahood and Nick Willis have been exclusively appointed to sell Parkes Arbour Shopping Centre via an Expressions-of-Interest campaign.
Parkes Arbour is anchored by a Coles supermarket and supported by a Liquorland and two specialty retailers. The asset includes a vacant ex-Target space of 4,019sqm, offering an attractive opportunity to reposition the tenancy.
Mr Fahey said, “Parkes Arbour provides an incoming purchaser the opportunity to reposition, redevelop and re-lease the asset to create a retail precinct that will redefine the Parkes CBD. In addition to the significant vacant tenancy, the asset offers redevelopment opportunity via an existing DA for 601sqm of specialty tenancies, by internalising the mall and increasing the income. Anchored by Coles, the strong performing supermarket would allow for holding income during the redevelopment.”
Parkes has a long history as one of the most well-known regional locations in Australia. The world famous 4-day Elvis Festival attracts 25,000 travellers from far and wide and has been running for over 30 years. In July 1969, the Parkes Observatory’s ‘The Dish’ received television signals that broadcast the first Moon landing, Apollo 11, to 600 hundred million people.
Mr Fahey said “Parkes is now the high-profile centre of Australia freight rail network, accessing 80% of Australia population overnight due to the Australian Governments $14.4 billion Inland Rail project. This has been a major drawcard to the area.”
Mr McEvoy said, “Parkes is undergoing significant economic development shift. The Australian Government’s $14.4 billion Inland Rail project is a vital piece of Australian Infrastructure and will make Parkes the most centrally located rail distribution precinct in Australia. It will be servicing a wide geographical catchment with direct access to over 80% of Australia’s population catchments overnight.
“The new National Logistics Hub and Parkes Special Activation precinct will ultimately continue to drive private investment into the Parkes regional economy. This project has single-handedly changed the direction of Parkes and its economy for generations to come,” said Mr McEvoy.
Developed in 2006 and refurbished in 2017, Parkes Arbour is a central retail precinct in the Parkes CBD and offering convenient access with 4 street frontages to both the Clarinda Street and the Newell Highway and over 298 on-grade and basement car parks.
Expressions of Interest for Parkes Arbour Shopping Centre close on Tuesday, 14 March 2023.
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